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Delancey Street is a premier small business lender, based out of NYC, that has helped broker 100's of millions in business loans. They are a pro, at making sure you get all of your financing needs satisfied.
- Over $200 million in funding secured
- Can handle low risk credit
- Handles all industries
- Handles high risk and low risk loans
Honolulu, the capital city of Hawaii, is known for its breathtaking beaches, lush forests, and rich culture. The city is also home to several small businesses that contribute significantly to the economy, providing services and employment opportunities to residents and visitors alike. However, starting or expanding a business requires adequate funding, which can often be a challenge for entrepreneurs. Fortunately, there are several financing options available in Honolulu that can help small business owners achieve their goals. In this article, we will explore some of the best small business loans available in Honolulu.
Types of Small Business Loans
Before we dive into specific lenders and loan programs, let’s first understand the different types of loans available to small business owners in Honolulu.
1. SBA Loans: The Small Business Administration (SBA) provides various loan programs to small businesses across the country. These loans are issued by SBA-approved lenders and offer low interest rates, long repayment terms, and flexible eligibility requirements.
2. Traditional Bank Loans: Banks and credit unions are common sources of financing for small businesses. These types of loans have strict qualification standards and may require collateral, but they typically offer lower interest rates than other forms of financing.
3. Online Loans: Online lenders provide quick access to small business loans, often with less stringent eligibility criteria than traditional banks. However, these loans usually come with higher interest rates and shorter repayment terms.
4. Equipment Financing: If your business requires equipment to operate, equipment financing can help you purchase or lease the necessary machinery. These loans are secured by the equipment itself and typically have low interest rates.
5. Merchant Cash Advances: This type of financing allows businesses to borrow against their future sales. While easy to obtain, merchant cash advances may carry high fees and short repayment periods.
Best Small Business Loans in Honolulu
Now that we’ve outlined the types of loans available, let’s explore some of the best small business loan options in Honolulu.
1. HawaiiUSA Federal Credit Union
HawaiiUSA is a not-for-profit credit union and offers both SBA and traditional loans to small businesses. Their SBA loans have competitive rates and terms up to 25 years, while their conventional loans feature flexible underwriting guidelines and competitive rates.
2. City Mill
City Mill, a local hardware store chain, offers equipment leasing programs for small businesses. Their financing solutions help businesses acquire equipment quickly and affordably with little to no up-front costs.
3. American Savings Bank
American Savings Bank provides small business loans through the SBA’s 7(a) program, which offers flexible eligibility criteria and long repayment terms. They also offer term loans and lines of credit that can be customized to meet a business’s unique financing needs.
Reviews and Testimonials
When searching for the best small business loans, it’s important to read reviews and testimonials from other business owners who have used the lenders or loan programs. Here are some reviews and testimonials from small business owners in Honolulu:
“Thanks to HawaiiUSA, my startup was able to secure a low-interest SBA loan and get our operations off the ground. The team at HawaiiUSA was incredibly helpful throughout the process.” – John, small business owner
“City Mill made it easy for us to lease the equipment we needed for our new restaurant without breaking the bank. Highly recommend their financing programs.” – Sarah, small business owner
“We chose American Savings Bank for our small business loan, and they exceeded our expectations. Their loan officers were knowledgeable and willing to work with us every step of the way.” – Michael, small business owner
Conclusion
Starting or expanding a small business in Honolulu can be challenging without adequate financing options. However, with the right loan program and lender, entrepreneurs can realize their dreams and contribute to the vibrant economy of this beautiful city. By exploring the types of loans available and reviewing the best lenders in Honolulu, small business owners can make informed decisions about their financing needs.
Sources:
– SBA Loans: https://www.sba.gov/funding-programs/loans
– HawaiiUSA Federal Credit Union: https://www.hawaiiusafcu.com/business/biz-loans/
– City Mill Equipment Financing: https://www.citymill.com/equipment-leasing
– American Savings Bank: https://www.asbhawaii.com/business-lending-and-credit
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